What Does a Company Need to Take into Consideration When

question 118

Essay

What does a company need to take into consideration when deciding whether to set up its own IT department or to contract for maintenance on its computer equipment?

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Definitions:

Type II Error

A statistical error that occurs when a null hypothesis is not rejected when it is in fact false.

Null Hypothesis

A statement of no effect or no difference, used as a default assumption in statistical hypothesis testing.

T Distribution

A probability distribution used in statistical analysis for small sample sizes, shaped similarly to a normal distribution but with thicker tails.

Standard Normal Distribution

A normal distribution with a mean of 0 and a standard deviation of 1.